“In a context of high inflation, Paris 2024’s budget stays under control, with a limited increase of about 10%, out of which 5% is due to inflation,” said Tony Estanguet, the head of the organising committee.

With a 10% rise, the budget of the committee will reach about €4.4-billion (R78-billion).

The 2024 Olympic Games will be held from July 26-August 11 and the Paralympics from August 28-September 8.

Phrygian caps, named after the iconic red French hats, will be the Paris 2024 Olympic and Paralympic Games mascots as organisers look to celebrate the French Revolution’s spirit.